You typically need up to two years of stable employment before a bank will loan to you.

HELOCs are much tricker than a closed end second - they don't typically allow you to close in an LLC and they are full doc qualification, meaning your FICO, employment history, income, DTI etc all come into play.

I'd definitely recommend considering the Columbus OH market - it's got strong macroeconomics with major employers coming in and developing here, steady population and job growth, and prices that still make sense for cash flow.

Solid employment history.  

I use the 3x rent for my first barometer, steady employment, good credit, and of course 3 years of rental history.

I'd have them sign my own lease on renewal and I'd make sure I had enough information on them so I can go after them if a legal issue arises such as employer and other similar data. 

But if employing your family works for you and for them - great, go ahead.

Due to my W2 employment I cant have any bad/negative personal debt.

Verify credit, employment, etc for you. 6) I would definitely want noise (quiet hours), guests, and treatment of common areas covered. 7) We've used Rent Manager as it focuses more on the financials which I think is super important.

I grew up in that area, and it's not great - declining population, stagnant economy that relies on 1 major employer (Caterpillar).